Brent Crude Rises Above $115 as Israel Election Results Shape U.S. War With Iran

Oil, elections, and war

Brent crude rose about 1.4% to $115.3 a barrel after slipping more than 2% over the previous two sessions, while West Texas Intermediate climbed about 1.1% to $101.04 a barrel as traders watched closely the Israeli elections and their implications for the course of the U.S. war with Iran. The Wall Street Journal reported that President Donald Trump had not made a decision to proceed, but was leaning toward launching a broad attack after the election, and Trump had previously hinted at the possibility of resuming strikes against Iran. Mojtaba Khamenei reaffirmed his conditions for ending the war, and the report said the war began in February when Donald Trump and Netanyahu ordered a joint strike on Tehran.

Oil jumps1 of 2 outlets reported it · not in یورونیوز▾

The Hormoz Strait Authority said it would take “legal actions” against Sinokor’s oil tankers, and it added that “the ships belonging to Sinokor Shipping have committed the greatest number of crossing violations in the past three months.” Benjamin Netanyahu said he is still waiting for the results, and the bloc led by opposition leader Gadi Eisenkot and the bloc of Prime Minister Benjamin Netanyahu were described as tied in polls of voters leaving polling stations.

Israel vote tight1 of 2 outlets reported it · not in یورونیوز▾

Timing before elections

Ali Motahari told the News Agency Khabaronline that “I believe that the United States and Israel, especially before the elections, will not strike Iran,” and he said the Israeli election was “in two days” and “now is not a good time to strike because it would be bad for Netanyahu.” Motahari also argued that Trump was “very keen to reach an agreement with Iran before the elections” so he could use it as a card in the elections, and he said Iran had about “ten days of opportunity to press its terms on the American side and extract concessions.” The خبرآنلاین account said Mohsen Rezaei, Secretary of the Supreme National Security Council, told Drop Site that “Iran will be harmed by a long siege,” and it quoted him saying “Families will pay the price, investment will be harmed.”

The BBC analysis said rival Gadi Eisenkot ruled out joining any national unity government, and it quoted Eisenkot warning against escalating the war for political purposes. The التلفزيون العربي segment said مجتبى خامنئي insisted on Iran's terms to end the war, while it described دونالد ترمب as believing the current ceasefire and armistice with Tehran were “nothing but a waste of time.”

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War costs and preparations

The یورونیوز report said the Wall Street Journal reported that the United States told Gulf monarchies to be prepared for short but intense attacks on Iran after the elections, and it said the Pentagon estimated the cost of war with Iran had risen to more than $47 billion.

The report also said the U.S. Army was moving a Patriot system from Texas to the region to strengthen missile defense, and it said the U.S. had pulled its forces out of bases that would be vulnerable if fighting escalates.

The report quoted Donald Trump saying, “Perhaps we’ll do one more monumental outburst of fury, or they will agree,” and it added that Trump had said he will not attack Iran before the midterm elections.

The Associated Press account in ال الشرق للأخبار said Iranians were preparing for a possible return to a “full-scale war,” and it quoted Mohammad Bagher Ghalibaf saying “Economic warfare is the main axis of the war being waged against us.”

The Associated Press account said rice prices were up more than 60% and beef prices up more than 150%, and it quoted Karimi saying, “No amount of economic pressure will push people here to make a deal.”

Reporting for this sectionیورونیوز